BALANCE OF PAYMENTS: And $31 Billion Down

The nation is also struggling
with a huge deficit in its dealings with the rest of the world. As
reported by Manhattan's Morgan Guaranty Trust Co. last week, the U.S.
balance of payments deficit probably hit a staggering $31 billion last
yearnearly three times greater than the 1970 deficit and far more
than anyone had anticipated. The payments gap in the fourth quarter
alone was $6.7 billion on an official settlement basis. That was below
the $12 billion imbalance in the previous three months but higher than
first-half averages.